Posted To: MBS Commentary AT A GLANCE MBS up 4 ticks on the day at 101-03 (tough resistance at 101-04) 10yr Tsy up a tick with mid to high 3.62 yield (tough resistance at 3.62) Existing Home Sales at 5.05 mln vs. consensus of 5.5 mln Chicago PMI at 62.6 vs 60.0 consensus, highest since April 2005, but internals mixed Consumer Sentiment Slight Miss at 73.6 vs 74.0, inflation expectation slightly lower, other internals slightly weaker, all bond friendly resistance levels in MBS and Tsy's will be tough to break, but S&P at 1106 could cap stocks as well, allowing bonds to maintain support With the next raft of data out, the outlook in the benchmark 10yr note remains exceedingly narrow and without a whiff of volatility as it bounces in the days main range roughly between 3.62 and 3.63. Decisive moves out of that…( read more ) Forward this article via email: ?? Send a copy of this story to someone you know that may want to read it

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MBS MORNING: Existing Home Sales Falls Short Of Expectations